Andhra Pradesh promotes electric vehicles with fiscal sops

NEW DELHI: Andhra Pradesh has set a target of attracting Rs 30,000-crore investment in promoting electric vehicles in the next five years by giving fiscal incentives to carmakers, battery manufacturers, charging infrastructure companies and consumers.

The state Cabinet on Wednesday cleared an electric mobility policy that provides for complete reimbursement of road tax and registration fees on sale of electric vehicles until 2024.

The state has set a target of having 10 lakh electric vehicles on roads in the next five years. The policy also provides for 10% capital subsidy for the first two car manufacturing firms, stamp duty reimbursement for purchase or lease of land and state GST reimbursements. Discounts in power and water tariffs will be offered to the manufacturing firms.

The policy aims to convert city buses to electric buses by 2024 in four cities and in the state by 2030.